Grazi Zazzara, who owns Paradise Market and the entire Paradise Plaza on Erie Boulevard East, said the possible new anchor to the plaza has signed a letter of intent.

“The company is doing due diligence to see if (the building) works for them,” said Zazzara. “Hopefully, in the next couple of weeks, we’ll have an answer from them.”

If the unnamed tenant signs a lease, said Zazzara, Paradise’s weekends-only vendors will be notified the market will not be reopening. It will reopen if the tenant decides not to take the 60,000-square-foot space.

Zazzara, a real estate developer and entrepreneur, acquired the sprawling former Hechinger Plaza in late 2009.

When Zazzara bought Hechinger Plaza, the shopping center had been largely vacant.

Wal-Mart for years sat on an option to build a Supercenter in the largely empty center. Wal-Mart opted out as the retailer reconfigured its expansion plans nationwide just before the Great Recession.

When the former Hechinger Plaza became available, Zazzara and his family acquired it for $6 million.

Price Chopper had moved around the corner years ago leaving an empty anchor spot. Zazzara turned the Hechinger home and garden store, empty since 1999, into Paradise Market. Paradise Market, featuring dozens of retail and food booths, opened in February 2010.

Five Guys Burgers and Fries built a restaurant attached to Paradise Market. It opened in March.

But Paradise Market, open year-round in 2010, closed this year just before Memorial Day and was supposed to reopen the weekend after Labor Day.

With a possible large new tenant pending, Zazzara said he didn’t want to spend up to $30,000 advertising Paradise Market if it isn’t going to reopen this fall.

Zazzara said Paradise vendors, who are on a month-to-month lease, have been told they can await the outcome of the lease decision or pick up anything they have stored in the marketplace.

“We might downsize Paradise Market if that company doesn’t take the whole building,” said Zazzara, “but I think they will take it.”Zazzara said the entire plaza is functioning successfully and he has potential leases for two other retail tenants to take over the former Price Chopper building in Paradise Plaza. They, too, have signed letters of intent, said Zazzara.

“They’re more than just kicking the tires,” said Zazzara. “They have architects in there.”

When Zazzara announced plans for the weekends-only Paradise Market in January 2010, he was cautious, stating if a big-box retailer such as Target voiced interest in the former Hechinger building, he had that option.

Zazzara reiterated that this week when he discussed the possible tenant that has an option on the space.

“It is one of our ultimate goals,” said Zazzara.

Express checkout

New to Syracuse: Chelsea Durham’s Butter’s Inspired Designs, 3200 Court St. in the city.